Nigerian stock market closes negative with market capitalisation, down N7bn
By Philemon Adedeji
Yesterday, the activities on the local bourse ended mixed, albeit with a bearish tilt as the benchmark index shed 12.9 basis points or 0.02 per cent to close at 52,599.65 index points from 52,612.55 index points. Bearish sentiment in MTNN (-0.43 per cent), Access Corporation (-0.55 percent) and Geregu Power (-5.90 per cent) overturned the gains in Tier-1 banking names, Guaranty Trust Holding Company (+1.25 per cent) and STANBIC (+1.56 per cent) causing the drag in the market.
As a result, the ASI’s year-to-date (YTD) return fell to 2.63 per cent, while the market capitalisation lost N7.03 billion to close at N28.649 trillion from N28.656 trillion.
The downturn in price was due to price depreciation in large and medium capitalised stocks which are Thomaswy, MTNN, Cornerstone Insurance and 13 others.
Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 44.22 per cent
Mutual Benefit Assurance led the volume chart with 11.26 million units traded while Geregu Power led the value chart in deals worth N3.20 billion.
As measured by market breadth the market sentiments closed positive as Rt.briscoe led 21 gaines while Thomaswy led 16 stocks on the laggard’s log.
The trade volume declined by 34.3 per cent to close at 119,843,974 million shares value at N2.689 billion were exchanged in 3,552 deals.
On the performance table, Rt. briscoe, Triple G, and Chellaram led as the highest gainer with 10.00 per cent each increased to at N0.33, N0.88, N1.65 per share respectively.
Okomu Oil which recorded as the last fourth gainer rose by 9.76 per cent to close at N181.10 per share.
Caverton Offshore which recorded as the last fifth gainer grew by 8.42 per cent to close at N1.03 per share.
On the decliners table, Thomaswy led as the overall best loser with 9.66 per cent to close at N1. 33 per share, followed by Cornerstone which depreciated by 6.90 per cent to close at N0.54 per share, while Geregu power dipped by 5.90 per cent N1.34 per share.
Honey flour recorded as the last fourth loser 5.15 per cent to close N2.21 per share and Computer Warehouse Group which recorded as the last fifth loser lost 4.20 per cent to close at N0.90 per share.
Transaction in the shares of Mutation Benefits Assurance topped the activities chart with 11.258 million shares worth N3.865 million, Transcorp Plc which followed traded 8.751 million shares valued at N10.605 million, while Geregu Power transacted 8.536 million shares worth N1.143 billion.
First Bank Holding of Nigeria sold 7.690 million shares worth N898.155 million and Guaranty Trust Holding Company accounted 6.712 million shares worth N161.997 million.
